05:22 (GMT +7) - Thursday 23/11/2017

Business

PwC to advise Vietinbank Insurance on IT

Released at: 11:35, 07/07/2017

PwC to advise Vietinbank Insurance on IT

Photo: PwC

Two sign agreement on strategic IT consultancy on July 5.

by Van Hai

VietinBank Insurance (VBI) and PwC Vietnam signed an agreement on strategic IT consultancy on July 5.

PwC will deploy a consultancy package that includes modelling future IT systems, building a development plan and implementing advanced IT solutions in the next five years, and evaluating the level of IT security at VBI.

Through the project, PwC will assist VBI in developing a proper and feasible IT advancement plan that meets the insurer’s future operational, strategic, and development needs.

VBI is currently one of only a few insurers to develop electronic certificates and invoices for customers. When customers take on a VBI insurance policy, rather than waiting for paper contracts and invoices to be delivered by post, they can receive electronic contracts and invoices immediately through their personal email address within 30 minutes.

VBI has gone through a significant transformation in the past three years, implementing key strategic plans with a view to making a breakthrough and becoming the leading retailer of general insurance in Vietnam.

In the process of finding a strategic investor, VBI has proposed a detailed strategic development plan for the 2017-2020 period. This includes accelerating growth in the retail market, targeting IT-based small and medium-sized enterprises (SMEs), and approaching international standards.

“We appreciate VBI’s initiative to invest in IT and data security systems to improve business operations and customer services,” said Ms. Dinh Thi Quynh Van, General Director of PwC Vietnam said. “This is particularly significant considering that emerging Fintech companies are taking up a bigger market share in the finance, banking, and insurance industries.”

She added that with their in-depth knowledge of technology in finance and insurance, as well as experience from similar projects, PwC is committed to providing VBI with comprehensive consultancy services, from strategic planning to implementation, in order to deliver sustainable value to customers.

The standardization of insurance management and IT-based customer services not only helps optimize productivity and minimize risks in internal operations but also adds value to customers when buying insurance. Moreover, it contributes to improving standards for insurance operations in the market, creating a transparent environment, fair competition, and sustainable development.

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